Gulf keystone's stock spiked and fell by a third on July 19 as retail investors flooded chatrooms trying to figure out how junk bond funds led by former JP Morgan and Lehman Brothers traders will help restructure the oil firm. The previous week Gulf Keystone, crippled by low oil prices and non-payments from Iraqi Kurdistan, announced that its bondholders had agreed to swap US$500m of debt for equity, all but wiping out some of the world's top funds as shareholders.
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